Monday, 04 July 2011 - 20:00
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S.African assets edge higher in thin trading
By Stella Mapenzauswa and Mmathabo Tladi
JOHANNESBURG (Reuters) - South Africa's rand edged up against the broadly struggling dollar on Monday and bonds edged up slightly with latest data showing continued foreign demand for high yielding local debt in the last 10 days.
Stocks ended a muted session higher, notching up their sixth straight day of gains led by Gold Fields and Steinhoff, tracking global equities on optimism about the global economy.
Traders said volumes were thin all round, with the United States out of the market for Independence Day, meaning some of the moves on the day might have been somewhat exaggerated.
The yield on the benchmark 2015 bond fell by four basis points to 7.49 percent while that on the longer-dated 2036 gave up three basis points to 8.575 percent.
"It's been dead quiet today, being a U.S. holiday; nothing much happened. You can't read too much into the bond yield moves because we did not see any decent flow, it was very thin trade," a bond trader in Johannesburg said.
"It was mostly locals in the market today. We'll see tomorrow what happens. We've got the auction and should get some direction from that."
The National Treasury will issue 1.3 billion rand worth of the 2017 bond and 800 million rand of the 2041 issue at its weekly debt auction on Tuesday.
Foreign demand for local bonds has risen steadily in recent months after a heavy sell-off at the start of the year.
Latest data from the JSE securities exchange showed non-residents were net sellers of South African debt on Friday, but have purchased over 4.3 billion rand of bonds in the past 10 days, attracted by relatively higher yields.
At 1558 GMT the rand traded at 6.7170 to the dollar, up 0.25 percent from Friday's close at 6.7335, as weekend news of a debt plan for Greece lifted risk appetite.
"I think the rand is mainly led by the external situation at the moment. Eyes are still on Greece, and it seems dollar appetite isn't there at this time, hence appetite for risky assets, particularly the rand is in focus." Anisha Arora, an emerging markets analyst at 4CAST said.
"In the coming week we may need some sort of trigger to break 6.70," she added.
On the bourse, the JSE Top-40 index of blue chips picked up 0.55 percent to 28,736.97 and the broader All-share index added 0.48 percent to 32,077.79.
"The volume has been low ... on balance some of our global stocks appear to be trending higher and driving the market up," said Paul Theron , chief executive officer of fund manager Vestact.
Gold Fields topped the gainers' list on the blue chip index, helped by a higher bullion price and a spate of broker upgrades in recent weeks.
Shares in the company rallied 3.07 percent to 97.34 rand.
Furniture maker and retailer Steinhoff climbed 2.31 percent to 23.47 rand, after the company said late on Friday it raised 1.2 billion euro loan refinancing deal that extend its debt maturities.
On the flipside, fixed phone operator Telkom dropped 2.61 percent to 36.52 rand as the deadline passed for investors to receive its next dividend payout.
Mon, 04 Jul 2011
The Nikkei stock average climbed
above 10,000 for the first time in two months on Monday, boosted
by buying from Asian investors, but. . .
Australian stocks gained 0.4
percent on Monday to hold above the 4,600 mark, helped by
stronger metals prices and stronger U.S. factory data. . .
World stocks rose on Friday on
news that U.S. factory activity expanded more than expected in
June, but weakening industrial production in Asia. . .
Gold fell around 1 percent on
Friday to record its second straight weekly loss, dragged down
by fund selling amid commodity weakness and. . .
South Africa's rand steadied against the dollar on Monday, with potential for gains this week as investors could turn towards high-risk assets after Greece secured emergency loans at the weekend.. . .
World Markets (Spot Prices)
|JSE Top 40||17:00||28736.97||158.41||0.55%|
|JSE Indust 25||17:00||28006.36||183.55||0.66%|
|Rand / Dollar||19:59||6.7230||-0.0110||-0.16%|
|Rand / Pound||19:58||10.7878||0.0068||0.06%|
|Rand / Euro||19:58||9.7708||-0.0182||-0.19%|
|Rand / NZD||19:59||5.5779||0.0052||0.09%|
|Rand / AUD||19:58||7.2183||-0.0367||-0.51%|
|Yen / Dollar||19:58||80.8000||0.0100||0.01%|
|Euro / Dollar||19:58||0.6878||0.0003||0.04%|
|Dollar / Euro||19:58||1.4532||-0.0007||-0.05%|
|Pound / Dollar||19:58||0.6212||-0.0012||-0.19%|
Click here for the Sharenet Spot Price page
The JSE Today
|Index Name||RP||Move||% Move|
|Financial & Ind. 30||31,113.53||165.52||0.53%|
|Oil & Gas ||27,330.98||187.02||0.69%|
|Oil & Gas Producers ||14,695.36||100.55||0.69%|
|Basic Materials ||30,083.41||150.50||0.50%|
|Forestry & Paper ||14,921.10||88.23||0.59%|
|Industrial Metals ||30,151.69||94.99||0.32%|
|General Industrials ||77,153.61||342.86||0.45%|
|Consumer Goods ||27,564.59||232.49||0.85%|
|Automobiles & Parts ||3,455.56||15.85||0.46%|
|Health Care ||33,517.46||85.96||0.26%|
|Food Producers ||48,806.99||534.11||1.11%|
|Index Name||RP||Move||% Move|
|Personal Goods ||439.46||2.30||0.53%|
|Consumer Services ||54,117.15||403.16||0.75%|
|General Retailers ||42,125.05||5.19||0.01%|
|Travel & Leisure ||3,737.53||1.43||0.04%|
|Support Services ||2,432.08||-14.98||-0.61%|
|Non-life Insurance ||31,742.06||-24.25||-0.08%|
|Life Insurance ||15,979.89||-39.97||-0.25%|
|General Financial ||2,285.57||4.14||0.18%|
|SHARIAH TOP40 ||3,172.20||18||0.58%|
|FTSE/JSE SHARIAH ALL||3,235.83||17||0.52%|
|FTSE JSE Fledgling ||4,673.31||29||0.61%|
|FTSE/JSE Alt X ||1,074.47||1||0.11%|
|SA LISTED PROPERTY ||383.16||0.27%|
|CAPPED PROPERTY ||317.96||0.24%|
|FTSE/JSE RAFI 40||6,704.21||28||0.43%|
|Capped Top 40||14,987.00||82||0.55%|
|Capped All Share||16,159.63||75||0.47%|
Click here for the Sharenet Index Summary page
Latest Consensus Changes**
|SBK||STANDARD BANK GROUP LIMIT...||SELL||29 Jun|
|FSR||FIRSTRAND LIMITED||BUY||29 Jun|
|ASA||ABSA GROUP LIMITED||BUY||29 Jun|
|NED||NEDBANK GROUP LTD||SELL||28 Jun|
|AIP||ADCOCK INGRAM HLGS LD||HOLD||28 Jun||
|Expected||Company Name||Fin. Date|
|13 Jul 2011||AQUARIUS||June 2011 (Q)|
|13 Jul 2011||AQUARIUSCVT||June 2011 (Q)|
|VMK||Verimark Holdings Ltd||08/07/2011||Unconfirmed|
Stock Exchange News Service
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